The Ethereum Crypto Is Currently Testing The Fibonacci| FXMAG.COM

Exchange Rates 06.09.2022 analysis

Technical outlook:

Ethereum climbed through the $1,675 high during the early trading hours on Tuesday as was projected earlier. The crypto is seen to be trading close to $1,665 at this point in writing and is expected to push through $1,745 and up to $1,800 in the near term. As projected on the 4H chart here, the resistance zone is seen through the $1,800-05 area.

Ethereum has already carved a meaningful downswing between $2,031 and $1,423 since August 14. The above drop is being worked upon and might retrace up to the Fibonacci 0.618 levels seen at about the $1,800 mark. Immediate price resistance is seen at $1,722 and a push higher will test $1,750 and above. The bears might be poised to come back in control thereafter.

Ethereum is currently working to carve a counter-trend rally since printing lows at $1,423. The crypto is currently testing the Fibonacci 0.382 retracement of the above downswing and might correct lower. ETH is expected to resume towards $1,800 thereafter. Keep a watch at around $1,540 for intraday support.

Trading plan:

Potential rally through $1,800 against $1,400

Good luck!

Relevance up to 12:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand instaforex.eu, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). InstaForex.eu has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex.eu is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds.

InstaForex.eu offers access to around 2,500 instruments (CFDs in Stocks, ETFs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at: www.instaforex.eu